May 9 (Reuters) - The S&P 500 and the Nasdaq touched record highs for the second straight day on Tuesday following a spate of upbeat corporate earnings, while Emmanuel Macron's victory in the French presidential election improved risk appetite.

The VIX, Wall Street's "fear gauge", hit its lowest level in more than a decade earlier in the day. A lower VIX typically indicates a bullish outlook for stocks.

The 10-year U.S. Treasury yield rose to its highest in a month, while gold prices fell, indicating a shift in investor preference for riskier assets.

However, analysts cautioned against investor complacency, especially after the market's strong run since Donald Trump's elections as U.S. president.

"In the short-term, investors can enjoy this run, but they should start to hedge their positions and look for safety," said Christian Magoon, chief executive at Amplify ETFs in Chicago, Illinois.

"Given world events, common sense would say there should be at least average volatility in daily price movement on the S&P 500. The index seems to be very lethargic."

The index has not moved more than 0.4 percent in either direction in the past 11 trading days.

At 11:03 a.m. ET the Dow Jones Industrial Average was up 8.97 points, or 0.04 percent, at 21,021.25, the S&P 500 was up 2.03 points, or 0.08 percent, at 2,401.41 and the Nasdaq Composite was up 23.57 points, or 0.39 percent, at 6,126.23.

Five of the 11 major S&P sectors were higher, while the typically defensive plays such as utilities and telecom services fell.

Shares of Valeant Pharmaceuticals jumped more than 16 percent after the company posted its first profit in six quarters.